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To: Earlie who wrote (257396)	8/23/2003 12:25:32 AM
From: mishedlo	Respond to of 436258

Interesting OI SEPT OI INTC 60K sept 27.5 calls 7K puts 73K sept 25.0 calls 31K puts MSFT 10K sept 30.0 calls 2K puts 73K sept 27.5 calls 19K puts 23K sept 25.0 calls 44K puts CSCO 26K sept 22.5 calls 0K puts 65K sept 20.0 calls 15K puts 32k sept 17.5 calls 55K puts AMAT 21K sept 20.0 Calls 7K puts 06K sept 19.0 Calls 12K puts C (speaking of weakness in financials) 27K sept 47.5 calls 2K puts 40K sept 45.0 calls 33K puts 32K sept 42.5 calls 25K puts 31K sept 40.0 calls 19K puts IBM 28K sept 85.0 calls 5K puts 06K sept 80.0 calls 17K puts JPM 20K sept 37.5 calls 4K puts 32K sept 35.0 calls 19K puts 13K sept 32.5 calls 60K puts QCOM 17K sept 40.0 calls 5K puts 18K sept 37.5 calls 7K puts QQQ 72K sept 34.0 calls 17K puts 110K sept 33.0 calls 66K puts 188K sept 32.0 calls 180K puts 128K sept 31.0 calls 260K puts 88K sept 30.0 calls 138K puts If it was not for the too bearish QQQ it would look like a slam dunk DOWNTOWN OI in OCT and NOV is very light however. INTC seems incredibly frothy in particular I believe QQQ dwarfs the rest of the action. Still a fall below 31 and a rally back to 31 by OE could be in the cards. Too many puts IMO for a SERIOUS decline here, but if wrong delta hedging will sink this like a rock in water. For the first time in a long time however, OI looks down. Things can change however, but C and INTC look like suspects. Look at C and INTC and AMAT M